Retail Investment Team Brokers $1,300,000 Sale of the Former Old Chicago South
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2125 SW 74th, Oklahoma City, OK
The Price Edwards Retail Investment Team is proud to announce the sale of the Former Old Chicago South in Oklahoma City, Oklahoma. Xiao Yang Investment, Inc. purchased the property from Pearl's South, LLC for $1,300,000. The retail restaurant consists of 5,517 square feet situated on .83 acre of land.
Paul Ravencraft, Phillip Mazaheri, CCIM and George Williams, CCIM with Price Edwards Retail Investment Team handled the transaction.
Retail Investment Team Brokers $2,000,000 Investment Sale in Oklahoma City
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222 S. Portland Avenue, Oklahoma City, OK
The Price Edwards Retail Investment Team is proud to announce the sale of Ethan Allen in Oklahoma City, Oklahoma. Sunrise Development, LLC purchased the property from Castleberry Inc. for $2,000,000. The retail investment was 13,136 square feet, sold at 100% occupancy.
Paul Ravencraft, Phillip Mazaheri, CCIM and George Williams, CCIM with Price Edwards Retail Investment Team handled both sides of the transaction.
Retail Investment Team Brokers Sale of Former Joe's Crab Shack for $1,655,000
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5940 N.W. Expressway, Oklahoma City, OK
The Price Edwards Retail Investment Team is proud to announce the sale of the former Joe's Crab Shack in Oklahoma City, Oklahoma. Western Charm, LLC purchased the property from Roger Boyvey, an out of state investor, for $1,655,000. The property consist of 8,489 square feet of retail situated on 2.91 acres of land.
Paul Ravencraft, Phillip Mazaheri, CCIM and George Williams, CCIM with Price Edwards Retail Investment Team handled both sides of the transaction.
Retail Investment Team Lists Former Old Chicago in South OKC
/Former Old Chicago South
2125 S.W. 74th Street, Oklahoma City, OK
Property Website
- Asking Price: $1,400,000
- Price Per SF: $253.76
- Lot size: .83 Acres
- Renovated: 2008
- Building Size: 5,517 SF
- Submarket: South Oklahoma City
The Former Old Chicago is located at 2125 S.W. 74th Street in Oklahoma City, Oklahoma. The property is situated on .8292 acres of land with 5,517 square feet. The property could have drive-thru access or be redeveloped as it currently sits, a sit down restaurant. Traffic counts on Interstate 240 boast over 92,000 cars per day with 23,197 cpd on Penn Ave.
How will increasing interest rates affect different types of Retail Investments?
/On June 14th, the Federal Reserve increased the federal funds rate by another .25%, which will take the prime rate to 4.25%. It is expected by many that a third increase will be approved later this year further impacting investors’ expected investment returns.
Since 2000 in the OKC market, power centers have been considered the most prestigious investment for institutional investors. Offering national or regional credit, long-term leases and well-positioned properties these types of assets were very attractive to large retail investors with a national footprint. These properties were trading in the 5% to 6.5% CAP range only a few years ago. Today, the uncertainty of many big box tenants is affecting the value of these once prestigious investments. Although we have seen new development projects with 10-year leases produce a sales price equating to a going in 7% CAP, the majority of older power centers are now selling for an 8% to 9% CAP. In the past year, with fewer institutional buyers driving prices up, local investors can now potentially acquire properties with more reasonable returns. Another issue for non-institutional buyers to consider is lender requirements for local investors can be more extensive, including requiring reserves for lease transaction costs, costs for downsizing or relocating tenants and other property related capital costs.
One asset type which may not be dramatically affected by increased interest rates is the Single-Tenant NNN corporate leased properties. McDonald’s, Chick-fil-a, Taco Bell, Starbucks, etc. will always be one of the hottest and secured investments for a retail investor. Typically, buyers don’t acquire these properties with high levels of debt, and many times no debt at all. This type of investment attracts higher net worth investors looking to invest their money on long-term leased properties. Given the fact that these assets are typically secure and stable, there will almost certainly be a pool of investors for this asset class.
Small shop retail may be the most affected by rising interest rates. These are properties in the range of 50,000 square feet or below. They bring lower risk since turnover doesn’t cripple the investor with high retrofit costs. Although most buyers looking at these assets are risk averse, spiking interest rates may still be a factor. With the expectation of increased interest rates, we are seeing many long-term investors locking in interest rates for 10 years to pay down the principle as quickly as possible.
Overall, the retail investment market has been active in Oklahoma. Good locations and quality retail centers are in high demand and the expected incremental increase in interest rates will likely not affect investors’ appetite for these assets. Retail owners are stabilizing their power center investments by repositioning some big box tenants into smaller space which is more suitable for their new business model. Buyers that remain active in today’s market by capturing quality retail assets at higher capitalization rates due to less competition from out of state institutional money should see more favorable investment returns compared to the last five to seven years.
Retail Investment Team Sells Single-Tenant NNN Mimi's Cafe in Oklahoma City, Oklahoma
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Mimi’s Cafe is a triple-net lease tenant in the heart of Oklahoma City’s premier restaurant and retail corridor. Built in 2003, this restaurant has become one of the most popular destinations for restaurant patrons in the Memorial Road corridor hosting large crowds on a regular basis.Mimi’s Cafe is in the midst of a 25-year lease, comprising of 15 years left on the initial term, with options to renew for an additional 10 years. Mimi’s Cafe is a US restaurant chain with 145 locations in 24 states. It is headquartered in Irvine, California. Phillip Mazaheri and Paul Ravencraft, Retail Investment Team Specialists with Price Edwards & Company, handled the transaction.
PEC ANNOUNCES SALE OF CHUCK E. CHEESE AT TOWNESOUTH CENTER
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Price Edwards & Company is pleased to announce the sale of Chuck E. Cheese at Townesouth Center, prime real estate in the heart of South Oklahoma City.
Chuck E. Cheese is located on the southwest corner of the Townesouth Center development on Interstate 240 and South Walker in Oklahoma City, Oklahoma. The 12,267 square foot building has approximately 1.36 acres of land. Townesouth's shadow anchor tenants include Gold's Gym and On the Border. The building was constructed in 2006.
Price: $1,220,000
Improvement SF: 12,267
Land Size: 1.36 +/- acres
Buyer: MVP Investments, LLC
Seller: Oak Tree Capital, LLC
Closing Date: May 22, 2013
Paul Ravencraft and Phillip Mazaheri, Retail Investment Team Specialists with Price Edwards & Company, handled the transaction.
Retail Investment Teams Sells Single-Tenant NNN On The Border Ground Lease for $1,150,000
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Price Edwards & Company is pleased to announce the sale of On the Border ground lease at Towne South Plaza. This property is a retail restaurant located in the heart of south Oklahoma City. The building sits on 1.56 acres of land and was built in 2006.
Price: $1,150,000
CAP: 8.57%
Seller: Rosewood Ventures, LLC
Property Address: 544 W. I-240 Service Road, Oklahoma City
Building Size: 5,275 Sq Ft
Land Size: 1.56 Acres
Closing Date: August 8th, 2012
Paul Ravencraft and Phillilp Mazaheri, specialists in Price Edwards & Company's Investment Division, acted as transaction brokers.
PEC ANNOUNCES SALE OF THREE STARBUCKS LEASED PROPERTIES
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Price Edwards & Company is pleased to announce the sale of three Starbucks leased properties located at 4755 S.E. 29th, Del City, OK; 1702 Muskogee Avenue, Tahlequah, OK; and Aspen Center at 2050 W. Kenosha Street, Broken Arrow, OK.
These properties consist of 8,862 square feet.
Price: $2,000,000
CAP Rate on Actuals: 13.65%
Seller: Dawn-BV, LLC
Building Size Totals: 8,862 Sq ft
Closing Date: July 3, 2012
Sold In: 3 months from listing
Paul Ravencraft and Phillip Mazaheri, Retail Investment Specialists in Price Edwards & Company’s Investment Division, acted as transaction brokers.
